Ingevuld maar nog met fouten.

1. Waarderingscasus
A Handelsgeest BV groeiindex 0.01 0.01 0.01
Winst- en verliesrekening 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Omzet 2,850,000 3,000,000 3,300,000 3,500,000 3,600,000 3,700,000 3,800,000 4,000,000 4,040,000 4,080,400 4,121,204
Totaal inkopen 1,800,000 1,900,000 2,150,000 2,200,000 2,268,000 2,331,000 2,394,000 2,520,000 2,545,200 2,570,652 2,596,359
Brutomarge 1,050,000 1,100,000 1,150,000 1,300,000 1,332,000 1,369,000 1,406,000 1,480,000 1,494,800 1,509,748 1,524,845
0.368 0.367 0.348 0.371 0.370 0.370 0.370 0.370 0.370 0.370 0.370
Personeelskosten (incl. man. fee) 500,000 520,000 600,000 700,000 714,000 728,280 742,846 757,703 765,280 772,932 780,662
Afschrijvingen 56,000 66,000 26,000 36,000 48,000 56,000 56,000 56,000 56,000 54,000 50,000
Huisvestingskosten 60,000 62,000 64,000 65,000 66,950 68,959 71,027 73,158 73,890 74,629 75,375
Verkoopkosten 150,000 155,000 160,000 160,000 164,800 169,744 174,836 180,081 181,882 183,701 185,538
Vervoerskosten 60,000 65,000 64,000 65,000 66,950 68,959 71,027 73,158 73,890 74,629 75,375
Algemene kosten 85,000 89,000 87,000 88,000 90,640 93,359 96,160 99,045 100,035 101,036 102,046
Som der bedrijfskosten 911,000 957,000 1,001,000 1,114,000 1,151,340 1,185,300 1,211,896 1,239,145 1,250,976 1,260,926 1,268,995
Bedrijfsresultaat 139,000 143,000 149,000 186,000 180,660 183,700 194,104 240,855 243,824 248,822 255,850
Financiele lasten 6,000 4,500 3,000 1,500 0 0 0 0 0 0 0
Resultaat voor belasting 133,000 138,500 146,000 184,500 180,660 183,700 194,104 240,855 243,824 248,822 255,850
Belasting hierover 34,378 27,700 29,200 36,900 36,132 36,740 38,821 50,418 51,175 52,450 54,242
Resultaat na belasting 98,622 110,800 116,800 147,600 144,528 146,960 155,283 190,437 192,649 196,372 201,608
Dividend 98,622 110,800 0 30,000 0 0 0 0 0 0 0
Ingehouden winst 0 0 116,800 117,600 144,528 146,960 155,283 190,437 192,649 196,372 201,608
Gemiddeld belastingtarief 0.258 0.200 0.200 0.200 0.200 0.200 0.200 0.209 0.210 0.211 0.212
1

2. Waarderingscasus
B Handelsgeest BV
Balans
Activa 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Vaste activa 100,000 74,000 58,000 82,000 96,000 60,000 30,000 10,000 0 0 0 0
Voorraad 225,000 255,000 270,000 330,000 350,000 385,249 415,110 426,329 448,767 453,255 457,787 462,365
Debiteuren 240,000 276,000 290,000 360,000 400,000 443,836 456,164 468,493 493,151 498,082 503,063 508,094
Overlopende activa 50,000 40,000 60,000 40,000 50,000 54,000 55,500 57,000 60,000 60,600 61,206 61,818
Liquide middelen 120,000 90,000 47,000 53,800 98,400
Totaal activa 735,000 735,000 725,000 865,800 994,400 943,085 956,774 961,822 1,001,918 1,011,937 1,022,056 1,032,277
Passiva 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Geplaatst kapitaal 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000
Winstreserve 332,000 332,000 332,000 448,800 566,400 701,895 839,670 985,248 1,165,889 1,348,757 1,535,373 1,727,260
Voorzieningen
Vreemd vermogen lening 100,000 75,000 50,000 25,000 0 0 0 0 0 0 0 0
Vreemd vermogen rekening courant 0 0 0 0 0 0 0 0 0
Crediteuren 240,000 250,000 270,000 330,000 350,000 364,019 336,824 346,075 363,137 366,768 370,436 374,140
Overlopende passiva 45,000 60,000 55,000 44,000 60,000 54,000 55,500 57,000 60,000 60,600 61,206 61,818
Totaal passiva 735,000 735,000 725,000 865,800 994,400 1,137,914 1,249,994 1,406,323 1,607,026 1,794,125 1,985,015 2,181,218
2

3. Waarderingscasus
C Handelsgeest BV
Samenvatting winst en verlies 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Omzet 2,850,000 3,000,000 3,300,000 3,500,000 3,600,000 3,700,000 3,800,000 4,000,000 4,040,000 4,080,400 4,121,204
Inkoop 1,800,000 1,900,000 2,150,000 2,200,000 2,268,000 2,331,000 2,394,000 2,520,000 2,545,200 2,570,652 2,596,359
Marge 1,050,000 1,100,000 1,150,000 1,300,000 1,332,000 1,369,000 1,406,000 1,480,000 1,494,800 1,509,748 1,524,845
Operationele kosten 911,000 957,000 1,001,000 1,114,000 1,151,340 1,185,300 1,211,896 1,239,145 1,250,976 1,260,926 1,268,995
EBITDA 195,000 209,000 175,000 222,000 228,660 239,700 250,104 296,855 299,824 302,822 305,850
Afschrijvingen 56,000 66,000 26,000 36,000 48,000 56,000 56,000 56,000 56,000 54,000 50,000
EBIT 139,000 143,000 149,000 186,000 180,660 183,700 194,104 240,855 243,824 248,822 255,850
Rente 6,000 4,500 3,000 1,500 0 0 0 0 0 0 0
Winst 133,000 138,500 146,000 184,500 180,660 183,700 194,104 240,855 243,824 248,822 255,850
Belasting 33,250 34,625 36,500 46,125 45,165 45,925 48,526 60,214 60,956 62,205 63,962
Netto winst 99,750 103,875 109,500 138,375 135,495 137,775 145,578 180,641 182,868 186,616 191,887
Dividend 99,750 103,875 0 30,000
Ingehouden winst 0 0 109,500 108,375 135,495 137,775 145,578 180,641 182,868 186,616 191,887
Samenvatting balans 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Activa 735,000 735,000 725,000 865,800 994,400 943,085 956,774 961,822 1,001,918 1,011,937 1,022,056 1,032,277
Netto werkkapitaal 130,000 186,000 245,000 331,000 390,000 465,066 534,450 548,747 578,781 584,569 590,414 596,319
Geinvesteerd kapitaal 605,000 549,000 480,000 534,800 604,400 478,019 422,324 413,075 423,137 427,368 431,642 435,958
Eigen vermogen 350,000 350,000 350,000 466,800 584,400 719,895 857,670 1,003,248 1,183,889 1,366,757 1,553,373 1,745,260
Vreemd vermogen 100,000 75,000 50,000 25,000 0 0 0 0 0 0 0 0
- liquide middelen 120,000 90,000 47,000 53,800 98,400
Gefinancierd door
3

4. Waarderingscasus
Free Cash Flow 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Ebit 139,000 143,000 149,000 186,000 180,660 183,700 194,104 240,855 243,824 248,822 255,850
- Belasting over ebit 34,750 35,750 37,250 46,500 45,165 45,925 48,526 60,214 60,956 62,205 63,962
Noplat (netto operationeel resultaat minus belasting) 104,250 107,250 111,750 139,500 135,495 137,775 145,578 180,641 182,868 186,616 191,887
Afschrijvingen 56,000 66,000 26,000 36,000 48,000 56,000 56,000 56,000 56,000 54,000 50,000
- Investeringen in activa -26,000 -16,000 24,000 14,000 -36,000 -30,000 -20,000 -10,000 0 0 0
+/- Mutatie netto werkkapitaal 56,000 59,000 86,000 59,000 75,066 69,384 14,297 30,034 5,788 5,845 5,905
+/- Mutatie voorzieningen 0 0 0 0 0 0 0 0 0 0 0
Free Cash Flow 190,250 216,250 247,750 248,500 222,561 233,159 195,875 256,675 244,656 246,461 247,792
Financial Cash Flow 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
- Rente 6,000 4,500 3,000 1,500 0 0 0 0 0 0 0
Belastingvoordeel op rente 1,500 1,125 750 375 0 0 0 0 0 0 0
+/- Mutatie vreemd vermogen -25,000 -25,000 -25,000 -25,000 0 0 0 0 0 0 0
- Dividend 99,750 103,875 0 30,000 0 0 0 0 0 0 0
Financial Cash Flow 82,250 84,500 -21,250 6,875 0 0 0 0 0 0 0
Mutatie liquide middelen (FCF+FinCF) 272,500 300,750 226,500 255,375 222,561 233,159 195,875 256,675 244,656 246,461 247,792
Mutatie liquide middelen balans -30,000 -43,000 6,800 44,600 -98,400 0 0 0 0 0 0
check 302,500 343,750 219,700 210,775 320,961 233,159 195,875 256,675 244,656 246,461 247,792
check belastingen
Belastingen P&L 33,250 34,625 36,500 46,125 45,165 45,925 48,526 60,214 60,956 62,205 63,962
Belastingen FCF -34,750 -35,750 -37,250 -46,500 -45,165 -45,925 -48,526 -60,214 -60,956 -62,205 -63,962
Belastingen FiCF -1,500 -1,125 -750 -375 0 0 0 0 0 0 0
check 69,500 71,500 74,500 93,000 90,330 91,850 97,052 120,428 121,912 124,411 127,925
4

5. Waarderingscasus
D Handelsgeest BV
Netto werkkapitaal analyse 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Voorraaddagen 52 52 56 58 62 65 65 65 65 65 65
Debiteurendagen 35 35 40 42 45 45 45 45 45 45 45
Crediteurendagen 42 43 48 50 50 45 45 45 45 45 45
Operationele vorderingen % omzet 1.40% 2.00% 1.21% 1.43% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Operationele schulden % omzet 1.58% 2.00% 1.67% 1.26% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Netto werkkapitaal 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Voorraad 225,000 255,000 270,000 330,000 350,000 385,249 415,110 426,329 448,767 453,255 457,787 462,365
Debiteuren 240,000 276,000 290,000 360,000 400,000 443,836 456,164 468,493 493,151 498,082 503,063 508,094
Crediteuren 240,000 250,000 270,000 330,000 350,000 364,019 336,824 346,075 363,137 366,768 370,436 374,140
Operationele vorderingen 50,000 40,000 60,000 40,000 50,000 54,000 55,500 57,000 60,000 60,600 61,206 61,818
Operationele schulden 45,000 60,000 55,000 44,000 60,000 54,000 55,500 57,000 60,000 60,600 61,206 61,818
Totaal netto werkkapitaal 230,000 261,000 295,000 356,000 390,000 465,066 534,450 548,747 578,781 584,569 590,415 596,319
5

6. Waarderingscasus
E Handelsgeest BV
Investeringen en afschrijvingen 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Investering in activa 30,000 50,000 50,000 50,000
Boekwaarde activa ultimo 2006 100,000
Restant afschrijvingen activa 50,000 50,000
Afschrijvingen investeringen 6,000 6,000 6,000 6,000 6,000
5 10,000 10,000 10,000 10,000 10,000
10,000 10,000 10,000 10,000 10,000
10,000 10,000 10,000 10,000 10,000
Saldo afschrijvingen 56,000 66,000 26,000 36,000 36,000 30,000 20,000 10,000 0 0 0
Boekwaarde activa 100,000 74,000 58,000 82,000 96,000 60,000 30,000 10,000 0 0 0 0
2011 2012 2013 2014 2015 2016 2017
Investeringen vanaf 1/1 2011 60,000 70,000 50,000 50,000 50,000 50,000 50,000
afschrijvingen over investeringen 12,000 12,000 12,000 12,000 12,000
5 14,000 14,000 14,000 14,000 14,000
10,000 10,000 10,000 10,000 10,000
10,000 10,000 10,000 10,000
10,000 10,000 10,000
10,000 10,000
10,000
Totaal afschrijvingen 48,000 56,000 56,000 56,000 56,000 54,000 50,000
Boekwaarde activa 108,000 122,000 116,000 110,000 104,000 100,000 100,000
6

7. Waarderingscasus
F
F Handelsgeest BV
Groei in restperiode 0.01 Waardering onderneming
Rendementseis unlevered 0.18 Adjusted Present Value Methode (APV)
Waardering per ultimo 2010
1) Waardering Free Cash Flow 1 2 3 4 5 6 7
2010 2011 2012 2013 2014 2015 2016 2017 2018
Free cash flow 222,561 233,159 195,875 256,675 244,656 246,461 247,792 250,270
keu 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00%
Disconteringfactor 1.1800 1.3924 1.6430 1.9388 2.2878 2.6996 3.1855
Contante waarde FCF 188,611 167,451 119,215 132,390 106,941 91,297 77,788
Restwaarde op 31/12/2017 1,390,390
Som contante waarde scenarioperiode op 31/12/2010 883,694
Restwaarde op 31/12/2010 436,478
Waarde onderneming zonder vreemd vermogen 1,320,173 1,335,243 1,342,427 1,388,190 1,381,388 1,385,383 1,388,290 1,390,390
2) Waardering belastingvoordeel vreemd vermogen
2010 2011 2012 2013 2014 2015 2016 2017 2018
Netto werkkapitaal 390,000 465,066 534,450 548,747 578,781 584,569 590,414 596,319
Financiering NWK 65.00% 253,500 302,293 347,392 356,686 376,208 379,970 383,769 387,607
Rente RC 7.00% 17,745 21,160 24,317 24,968 26,335 26,598 26,864
Overname financiering bank 75,000 60,000 45,000 30,000 15,000 0 0 0
Rente banklening 6.00% 4,500 3,600 2,700 1,800 900 0 0
Lening verkoper 150,000 150,000 150,000 100,000 50,000 0 0 0
Rente lening 6.00% 9,000 9,000 9,000 6,000 3,000 0 0
Totaal rente 31,245 33,760 36,017 32,768 30,235 26,598 26,864
Belastingvoordeel over rente 6,249 6,752 7,203 6,859 6,346 5,607 5,695 5,752
Disconteringsfactor 1.1800 1.3924 1.6430 1.9388 2.2878 2.6996 3.1855
Contante waarde belastingvoordeel 5,296 4,849 4,384 3,538 2,774 2,077 1,788
Restwaarde belastingvoordeel op 31/12/2017 31,957
Som contante waarde scenarioperiode op 31/12/2010 24,706
Restwaarde op 31/12/2010 10,032
Waarde belastingvoordeel op 31/12/2010 34,738 34,742 34,243 33,203 32,321 31,793 31,909 31,957
3) Totale waarde onderneming 1,354,910 1,369,984 1,376,671 1,421,393 1,413,709 1,417,175 1,420,199 1,422,347
7

8. Waarderingscasus
G Handelsgeest BV
Waardering aandelen
2010
Waarde onderneming 1,354,910
Af: over te nemen vreemd vermogen 0
Bij: over te nemen liquide middelen 0
Waarde aandelen 1,354,910
8

9. Waarderingscasus
H Handelsgeest BV
Waardeontwikkeling en ratio's
Totaal overzicht waardeontwikkeling
2010 2011 2012 2013 2014 2015 2016 2017
Totaal waarde 1,354,910 1,369,984 1,376,671 1,421,393 1,413,709 1,417,175 1,420,199 1,422,347
Vreemd vermogen 478,500 512,293 542,392 486,686 441,208 379,970 383,769 387,607
Eigen vermogen 876,410 857,692 834,278 934,707 972,501 1,037,205 1,036,429 1,034,740
Ratio's
VV/EV 54.60% 59.73% 65.01% 52.07% 45.37% 36.63% 37.03% 37.46%
VV/TV 35.32% 37.39% 39.40% 34.24% 31.21% 26.81% 27.02% 27.25%
EV/TV 64.68% 62.61% 60.60% 65.76% 68.79% 73.19% 72.98% 72.75%
Keu 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00%
Kvv 6.53% 6.59% 6.64% 6.73% 6.85% 7.00% 7.00%
tax 20.00% 20.00% 20.00% 20.93% 20.99% 21.08% 21.20%
Kel (= keu+(keu-kvv)*(VV/EV)) 24.85% 25.42% 23.91% 23.11% 22.08% 22.07% 22.12%
wacc (=kel*(EV/TV)+(KVV*(VV/TV)*(1-T)) 17.39% 17.35% 17.43% 17.47% 17.54% 17.53% 17.52%
wacc (=keu-(KVV*(VV/TV)*T) 17.39% 17.35% 17.43% 17.47% 17.54% 17.53% 17.52%
9

10. Waarderingscasus
I Handelsgeest BV
Waardering onderneming
WACC methode
WACC waardering 2010 2011 2012 2013 2014 2015 2016 2017 2018
Free Cash Flow 222,561 233,159 195,875 256,675 244,656 246,461 247,792 250,270
wacc 17.39% 17.35% 17.43% 17.47% 17.54% 17.53% 17.52%
disconteringsfactor 0.8519 0.7259 0.6182 0.5262 0.4477 0.3809 0.3241
contante waarde FCF 189591.81 169252.86 121081.43 ### 109527.27 93881.01 80314.36
Restwaarde op 31/12 2017 1,428,230
Som contante waarde scenarioperiode op 31/12 2010 898,713
Restwaarde op 31/12 2010 462,917
Waarde onderneming 1,361,630 1,375,851 1,381,414 1,426,342 1,418,915 1,423,146 1,426,121 1,428,230
check met APV 6,720
10

11. Waarderingscasus
J Handelsgeest BV
Waardering eigen vermogen
Cash to Equity methode
2010 2011 2012 2013 2014 2015 2016 2017 2018
Cash to Equity waardering Free Cash Flow 222,561 233,159 195,875 256,675 244,656 246,461 247,792
Rente 31,245 33,760 36,017 32,768 30,235 26,598 26,864
Belastingvoordeel 7,811 8,440 9,004 8,192 7,559 6,649 6,716
Mutatie vreemd vermogen 33,793 30,099 -55,707 -45,478 -61,238 3,800 3,838
Cash to Equity 232,920 237,938 113,155 186,621 160,742 230,313 231,482 233,797
kel 24.85% 25.42% 23.91% 23.11% 22.08% 22.07% 22.12%
Disconteringsfactor 0.8010 0.6386 0.5154 0.4186 0.3429 0.2809 0.2300
Contante waarde cash to Equity 186,558 151,954 58,318 78,125 55,118 64,694 53,245
Restwaarde op 31/12 2017 1,056,923
Som contante waarde scenarioperiode op 31/12 2010 648,012
Restwaarde op 31/12 2010 243,110
Waarde eigen vermogen 891,122 879,655 865,307 959,088 994,128 1,052,926 1,055,027 1,056,923
check met APV 14,711
11

12. Waarderingscasus
K Handelsgeest BV
Opbouw vermogenskostenvoet & multiple analyse
Opbouw vermogenskostenvoet
1,354,910 Build-Up Waarde impact Waarde 2010 1,354,910 Multiple
4% 1,354,910 Risk Free Gemm ebit 2007 t/m 2010 154,250 8.78
10% 1,354,910 Market Premium 0 Gemm EBITDA 2007 t/m 2010 200,250 6.77
12% 1,354,910 Small Firm Premium 0 Gemm netto winst 2007 t/m 2010 112,875 12.00
14% 1,354,910 Afhankelijkheid huidige ADH 0 Gemm omzet 2007 t/m 2010 3,162,500 0.43
16% 1,354,910 Afhankelijkheid klanten 0
18% 1,354,910 Afhankelijkheid leveranciers 0
12

13. Waarderingscasus
L
Handelsgeest BV
Debt Service Coverage
Financieringsstructuur
Waarde onderneming 1,354,910
Liquide middelen 98,400
Over te nemen VV 0
Waarde aandelen 1,453,310
Financiering excl. financiering liquide middelen 2010 2011 2012 2013 2014 2015 2016 2017
RC in werkmij 253,500 302,293 347,392 356,686 376,208 379,970 383,769 387,607
Bancaire overnamefinanciering 75,000 60,000 45,000 30,000 15,000 0 0 0
Lening verkoper 150,000 150,000 150,000 100,000 50,000 0 0 0
Totaal vreemd vermogen 478,500 512,293 542,392 486,686 441,208 379,970 383,769 387,607
Eigen inbreng koper 876,410
Ebitda-VPB-Investering+/-Mut. NWK 230,372 241,599 204,879 264,867 252,214 253,111 254,508
Rente + Aflossing -16,245 -18,760 28,983 32,232 34,765 -26,598 -26,864
Debt Service Coverage -14.18 -12.88 7.07 8.22 7.25 -9.52 -9.47
13